Without a local bank account, retired life in Vietnam is inconvenient: paying rent and utilities or receiving money from abroad all become difficult. Fortunately, the account-opening procedure for foreigners is now clearly standardized.
Legal basis
Under point c, clause 2, Article 12 of Circular 17/2024/TT-NHNN (as amended by Circular 25/2025/TT-NHNN), a foreign individual opens an account via one of two routes: (1) a passport (or other identity document issued by a competent foreign authority) plus a valid entry visa or visa-equivalent document — if residing in Vietnam; (2) a Level-2 electronic identification account (VNeID) under Decree 69/2024/ND-CP, which substitutes for the passport and residence documents.
The practical file
Beyond ID, banks require: an account-opening form (full name, nationality, passport number, visa number, addresses in Vietnam and abroad, resident/non-resident status — per Article 14 of Circular 17/2024/TT-NHNN); a Vietnamese phone number in the applicant’s name; some branches also ask for a lease or residence confirmation.
Important caveat
The law only requires a passport plus a valid visa, but **practice varies by branch**: many want to see a TRC or a visa with several months left, and may refuse holders of short tourist visas. Call the exact branch before visiting. Retirees holding a TRC rarely face problems.
Foreign-currency accounts and transfers
Foreigners may open both VND and foreign-currency (USD, EUR…) accounts. Inbound and outbound transfers follow foreign-exchange regulations — keep documents proving the source of funds (pension, asset sale) ready for the bank’s checks.
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Frequently asked questions
1. Can foreigners open a bank account in Vietnam?
Yes, under Circular 17/2024/TT-NHNN: passport plus valid visa (if resident in Vietnam), or a Level-2 e-ID account.
2. Can I open one on a tourist visa?
The law does not forbid it, but many branches refuse or require a longer-validity visa; call the branch first.
3. Do I need a Vietnamese phone number?
Most banks require a Vietnamese number in your name for transaction authentication.
4. Can I open a USD account?
Yes. Foreigners may open VND and foreign-currency accounts at licensed banks.
5. Is receiving pension transfers from abroad difficult?
No, but foreign-exchange rules apply and you should keep proof of the source of funds.
This article has been quality-reviewed by the FLAW AI Legal Council
This article provides general legal information and does not substitute advice for specific cases.
